| The IRS has a new settlement program that allows businesses to voluntarily reclassify their workers as employees and avoid 90% of the normal taxes and penalties. |
This is a very important issue because the federal government loses $2.7 billion annually over misclassification – and there is significant pressure to balance the government budget by closing these loopholes (so we can avoid raising taxes and/or avoid reducing federal and state services).
The IRS is giving businesses an opportunity to voluntarily reclassify and only pay 10% of the taxes that would normally be owed.
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For more informatino please visit with your tax advisor before taking any action.
